Are you thinking of becoming a Medicare agent? There’s no better time to become an agent since the baby boomer generation of those 65 and older has grown by over a third during the past decade.
In this article, explore the key facts you’ll need to know for Medicare agent training. Read on to explore the different types of training necessary, and why this is a successful field to go into.
Agent training for Medicare is an ongoing process, with having to go through training each year. No degree is necessary, but you’ll need a certification and license. You’ll also need to understand Medicare Prescription Drug Plans, Medicare Supplement Plans, and Medicare Advantage Plans.
In order to become the best Medicare agent you can be, Medicare agent training is a good idea. Even if you pass all of the tests necessary, it doesn’t make you a good salesperson. Your agent training will also include training tips, and how to talk with your clients.
As a Medicare sales agent, you’ll be representing top insurance companies, and helping people find the right plan for their needs. You’ll take into account the lifestyle and budget of each client you work with. You’ll also have them understand their options by doing a comparison of quotes from multiple carriers.
Keep in mind that each state has different requirements and procedures necessary to become a Medicare agent. You’ll first need to get your health insurance license. After this, you’ll complete the AHIP (America’s Health Insurance Plans) certification.
Next, obtain the Errors and Omissions (E&O) Insurance. You’ll want to contract with multiple carriers and complete yearly carrier Medicare certifications. You’ll also need to continue education requirements as well.
Not only will you learn how to become a successful salesperson with agent training, but you’ll learn about claims adjudication, coinsurance, healthcare laws, deductibles, networks such as PPO, HMO, and PFFS, compliance, and professional ethics.
Depending on your state, you might need to do a certain amount of study hours before taking the health insurance exam. Once you pass the exam then you’re able to sell most products in your state. Medicare Advantage and Prescription Drug plans have an additional requirement of needing to become certified and gaining ready to sell status before you can sell.
Next, you’ll be taking a look at the different FMOs (Field Marketing Organization) in your area. These are companies are allowed to represent health insurance plans for different insurance companies.
Having an FMO will help you sell with different insurance companies. When you’re contracted with an FMO, you’ll be able to sell Medicare supplements, Medicare Advantage, and Prescription Drug plans.
This insurance is there to protect you if you give a client misleading or incorrect information, and they take legal action against you. You can buy this through casualty or property agencies or insurance associations. Your upline may provide you with E&O insurance, but if they don’t, then you’ll need to buy your own.
It can be a successful career for the right person. If you enjoy working with people and are a self-starter, it’s a great opportunity for you. You’ll have job security, and you’ll be helping others.
You’ll need people skills in order to be successful. This is due to forming relationships and speaking with your clients. Keep in mind that you’ll be speaking with people of various incomes, ages, and backgrounds.
It’s also a good idea to become comfortable with technology if you aren’t. Technology is vital in order to be a successful agent.
Medicare agents don’t take money from their clients and don’t raise the rate for them. As an agent, you’re paid by the insurance carrier for selling their items. You can tell clients that if they buy from the carrier directly then they won’t receive the customer service and support that you’ll provide them.
States allow the selling of Medicare supplements, it’s more about picking the right state to sell the supplements in. Keep in mind that depending on whether it’s rural or a city, the demographics, or market factors will determine how successful you can be.
To sell Medicare supplements you’ll need a health insurance license. Many agents will receive their health and life insurance at the same time. Certain states, such as North Carolina, require a special license known as a Medicare Supplement license.
In every state outside of your resident state, you’ll need what’s called a non-resident license which can be received within minutes. This is in order to sell insurance in person or over the phone outside of your home state.
Even though Medicare certification is required annually, it’s still a good idea to obtain additional sales training every year. This is because some Medicare products are adjusted every year so it’s good to see what’s available and what’s not. There might be new rules and regulations that you’ll want to abide by as well.
Medicare training will help you to market yourself as a Medicare agent. You might learn about new products being released, and be able to market yourself by selling those products.
Now that you’ve learned more about Medicare agent training, you should have a better idea of why it’s right for you. Are you ready to get started as a Medicare agent today? Contact us now, and we’ll help you sign up to become a Medicare agent today.
The Benefits of Becoming a Medicare Agent
How to Become An Insurance Agent: 10 Steps to Success
A Step-by-Step Guide on How to Become a Medicare Insurance Agent
Everything You Need to Know About How Medicare Training Courses Work
A Complete Guide to the Salaries of Medicare Insurance Agents
What Is AHIP Certification, Why Do You Need It, and How Do You Get It?
Medicare Training 101: How to Get Started in Medicare Sales
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.